GRAND RAPIDS, Mich. — A recent study by the National
Association of College and University Business Officers has found that college
and university endowments around Michigan saw strong growth in the previous
fiscal year, according to MLive.com.

“The main factor is that the financial markets in general
for that 12 month period had very strong returns,” Brian Copeland, associate
vice president for business and finance at GVSU, told M-Live.com.

Central Michigan University saw the largest percentage
increase at 27.9 percent. MLive.com reports that the University of Michigan, at
$7.8 billion, has the largest overall endowment in the state.

According to MLive.com, schools use their endowments to
offer scholarships, endow faculty positions, and fund various student programs.

“Without endowments you rely more heavily on tuition, room
and board for expenses,” Tom Bylsma, Hope College’s vice president for business
and CFO told MLive.com. “We’re trying to make higher education as affordable as
possible. Endowments help.”